Seoul shares down late Thu. morning on US rate uncertainty

South Korean stocks traded lower late Thursday morning, as investors were wary of the Federal Reserve's monetary tightening and the Chinese economy.

The benchmark Korea Composite Stock Price Index (KOSPI) had lost 28.98 points, or 1.13 percent, to 2,514.89 as of 11:20 a.m.

The index opened lower, tracking overnight Wall Street losses, and had been in negative terrain.

Foreigners were in selling mode, offsetting buying by retail and institutional investors.

Investors were worried about the Fed's policy path after minutes from the Fed's July meeting showed that officials still saw a possible resurgence of inflation, though they were divided over the need for further rate hikes.

Eyes are also on the developments of China's real estate sector following the debt problems of its property giant Country Garden.

Big-cap tech shares lost ground on the Seoul bourse.

Market bellwether Samsung Electronics lost 0.75 percent, and chip giant SK hynix sank 1.64 percent.

Major bio firm Samsung Biologics skidded 1.15 percent, and internet giant Naver tumbled 1.8 percent.

But battery shares rose on bargain hunting. Leading battery maker LG Energy Solution surged 2.47 percent, and Samsung SDI grew 0.5 percent.

POSCO Holdings added 0.55 percent, while LG Chem sank 1.71 percent.

Carmakers traded mixed. Top automaker Hyundai Motor shed 0.7 percent, but Kia inched up 0.13 percent.

The local currency was changing hands at 1,341.25 won against the U.S. dollar as of 11:20 a.m., down 4.35 won from the previous session's close.

Source: Yonhap News Agency

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